ETCG vs. MSBT

Last updated Jun 5, 2026

ETCG (Grayscale Ethereum Classic Trust (ETC)) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - ETCG tracks the Ethereum Classic (ETC) while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. At a 0.47 correlation, their price movements are largely independent. ETCG charges 2.50%/yr vs 0.14%/yr for MSBT.

Performance

ETCG vs. MSBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Classic Trust (ETC) (ETCG) and Morgan Stanley Bitcoin Trust (MSBT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ETCG

• 1D: -3.10%
• 1M: -11.55%
• YTD: -37.40%
• 6M: -45.61%
• 1Y: -53.60%
• 3Y*: -8.79%
• 5Y*: -36.21%
• 10Y*: —

MSBT

• 1D: -2.77%
• 1M: -22.16%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ETCG vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
ETCG Grayscale Ethereum Classic Trust (ETC)	-9.78%
MSBT Morgan Stanley Bitcoin Trust	-10.94%

Correlation

The correlation between ETCG and MSBT is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 9, 2026	0.47

Return for Risk

ETCG vs. MSBT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ETCG

ETCG Risk / Return Rank: 2
ETCG Sharpe Ratio Rank: 2
ETCG Sortino Ratio Rank: 2
ETCG Omega Ratio Rank: 2
ETCG Calmar Ratio Rank: 2
ETCG Martin Ratio Rank: 3

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ETCG vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Classic Trust (ETC) (ETCG) and Morgan Stanley Bitcoin Trust (MSBT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ETCG	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	—	—
Sortino ratio: Return per unit of downside risk	-1.43	—	—
Omega ratio: Gain probability vs. loss probability	0.85	—	—
Calmar ratio: Return relative to maximum drawdown	-0.80	—	—
Martin ratio: Return relative to average drawdown	-1.23	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ETCG	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.87	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.18	-1.58	+1.40

Drawdowns

ETCG vs. MSBT - Drawdown Comparison

The maximum ETCG drawdown since its inception was -96.59%, which is greater than MSBT's maximum drawdown of -22.46%. Use the drawdown chart below to compare losses from any high point for ETCG and MSBT.

Drawdown Indicators

	ETCG	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-96.59%	-22.46%	-74.13%
Max Drawdown (1Y) Largest decline over 1 year	-67.13%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-78.55%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-92.70%	—	—
Current Drawdown Current decline from peak	-95.47%	-22.46%	-73.01%
Average Drawdown Average peak-to-trough decline	-82.67%	-4.38%	-78.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.62%	—	—

Volatility

Volatility by Period

	ETCG	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.24%	—	—
Volatility (6M) Calculated over the trailing 6-month period	36.67%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	62.10%	33.13%	+28.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.02%	33.13%	+60.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	115.30%	33.13%	+82.17%

ETCG vs. MSBT - Expense Ratio Comparison

ETCG has a 2.50% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

ETCG vs. MSBT - Dividend Comparison

Neither ETCG nor MSBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETCG and MSBT in my portfolio?

ETCG and MSBT have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ETCG or MSBT?

On fees, MSBT is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ETCG or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 2.50% for ETCG.

Which ETF pays a higher dividend yield, ETCG or MSBT?

ETCG and MSBT have nearly identical dividend yields, around 0.00%.

What is the main difference between ETCG and MSBT?

ETCG tracks Ethereum Classic (ETC), while MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. They also come from different issuers: Grayscale and Morgan Stanley. Their fees differ too: 2.50% for ETCG and 0.14% for MSBT.